Dubai – Mubasher: The financial results of Emaar Development registered a 34% decrease in net profits to AED 1.359 billion in the first nine months of 2020, compared to AED 2.07 billion in the corresponding period of 2019.

The company's revenues retreated by 26% to AED 7.13 billion in the January-September period of 2020 from AED 9.63 billion in the year-ago period, according to a press release on Wednesday.

Emaar Development has delivered property sales of AED 4.343 billion in the first nine months of 2020.

The company recorded a sales backlog of AED 27.154 billion, which will be recognised as revenues in the upcoming years.

The Founder of Emaar Properties and Emaar Development, Mohamed Alabbar, commented: "Emaar Development remains strongly committed to the delivery of homes and maintaining the highest quality of living experiences for our homeowners."

It is noteworthy to mention that in the first half (H1) of 2020, the company's net profits slid by 25% to AED 1.03 billion, compared to AED 1.38 billion in the corresponding months of 2019.